Bank of America Raises CNI Price Target to $122 on Strong Volume Momentum

On April 9, BofA upgraded Canadian National Railway Company (NYSE:CNI) to Buy from Neutral. It besides raised its terms people to $122 from $117. The expert pointed retired that arsenic work levels improve, the institution is already gaining stock astatine a gait good supra its level full-year target. That spot is being supported by a grounds Canadian atom crop, on with stronger-than-expected intermodal and car volumes. COO Patrick Whitehead is seen arsenic a cardinal operator down these operational improvements. At the aforesaid time, the banal is inactive trading astatine a 3-turn discount to peers, which the expert believes leaves country for upside.

On April 7, JPMorgan expert Brian Ossenbeck raised the firm’s terms proposal connected CNI to C$153 from C$147 portion maintaining a Neutral rating. The accommodation came arsenic portion of the firm’s Q1 preview for the proscription and logistics group. The expert noted that aboveground proscription rates are improbable to instrumentality to past year’s lows. In the aforesaid note, JPMorgan said it sees “more stocks to ain than avoid” heading into earnings. That said, the steadfast besides cautioned that it whitethorn beryllium excessively aboriginal to expect affirmative net revisions, arsenic a much sustained betterment successful freight request is inactive needed.

Canadian National Railway Company (NYSE:CNI) operates arsenic a proscription and logistics provider. Its services span rail, intermodal, trucking, and broader proviso concatenation solutions. The obstruction conception includes instrumentality offerings, customs brokerage, transloading and distribution, and backstage railcar storage, among different services.

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